An exclusive bar and a popular restaurant are set to open at The Grand Hotel when work completes next year.
The Alchemist plans to open its first venue in Birmingham at the landmark Colmore Row development.
It is set to be joined by Italian restaurant Gusto, which has 12 locations in the North and Scotland.
The pair will account for three of the 10 retail units created at The Grand, one of the city’s most cherished listed buildings, constructed in 1875.
However, owner Hortons’ Estate says there is no prospect of either opening before Christmas, with work on the units set to over run into next year.
Chief executive Tony Green said while both The Alchemist, which already has venues in Manchester, Leeds and London, and Gusto have applied for licences, neither deal has been finalised.
“We always intended to change those units back to food and beverage, and there has been a lot of interest,” he said.
“Technically they haven’t signed up yet – there are still some hurdles to get over.
“There is so much interest in the food and beverage sector at the moment. We could have rented out all the units for food and beverage but we wanted to get the right blend.”
The Alchemist is part of the same group as The Botanist, which recently opened a bar on Temple Street.
It is considered a high-end brand with teams of “mixologists” offering a range of cocktails.
Gusto has its roots in the North West and is said to be favoured by footballers and their WAGs.
Its owners pledged a £10 million expansion plan last year after a management buyout from Living Ventures backed by Manchester-based private equity group Palatine.
Mr Green said Hortons' had been deluged with interest from bars and restaurants.
“We are very confident that in time we will have a good line up. That has never been in question.”
The two potential deals represent a much-needed boost to The Grand development.
Family firm Hortons' has invested millions of pounds in improving the façade of the building, installing a new roof and refurbishing retail units and offices.
Work on the roof has completed, office space has been revamped and the restoration of the back of the building is expected to end before Christmas.
However, owing to historic shortcomings of the building, the retail units have over run significantly.
Mr Green said: “We had hoped to have work finished in June but it is looking more like February now.
“The trouble with it is if you have to take a building back to the frame if, for example, things weren’t done as they should have been in the 50s and 60s then you have to take it all back.
“We have to do a lot of rebuilding to make sure bits that people aren’t sure about are definitely structurally sound.”
Up to seven further brands are to be named for The Grand’s retail units, with hand-made show firm Crockett & Jones expected to return and also likely an upmarket bakery.